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Bagwell, Kyle - 2000

We describe recent work on the theory of trade agreements that speaks to the purpose and design of GATT. Our discussion … review therefore offers support for the (politically-augmented) terms-of-trade theory as an appropriate framework within …

Persistent link: https://www.econbiz.de/10012470726

Endogenous Pricing to Market and Financing Costs

Aizenman, Joshua - 2000

This paper studies the endogenous determination of pricing to market, in a model with time dependent transportation costs, where the future terms of trade are random. Allowing time dependent transportation costs adds a dimension of investment to the pre-buying of imports, implying that financial...

Persistent link: https://www.econbiz.de/10012470823

Strategic Trade, Competitive Industries and Agricultural Trade Disputes

Bagwell, Kyle - 2000

The primary predictions of strategic-trade theory are not restricted to imperfectly-competitive markets. Indeed, these … predictions emerge in a natural three-country extension of the traditional theory of trade policy in competitive markets, once the … theory is augmented to allow for politically-motivated governments, so that the sign of export policy may be converted from …

Persistent link: https://www.econbiz.de/10012470921

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard - 2000

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...

Persistent link: https://www.econbiz.de/10012471007

Exchange Rate Regimes and Financial-Market Imperfections

Aizenman, Joshua - 2000

This paper investigates the design of an exchange rate policy for an economy where the domestic capital market is segmented from the global financial market, producers rely on credit to finance working capital needs, and the labor market is characterized by nominal contracts. We show that the...

Persistent link: https://www.econbiz.de/10012471012

Financial Sector Inefficiencies and Coordinate Failures : Implications for Crisis Management

Agenor, Pierre-Richard - 1999

This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and...

Persistent link: https://www.econbiz.de/10012471337

Capital Controls and Financial Crises

Aizenman, Joshua - 1999

The purpose of this paper is to explain the reluctance of developing countries to open up their capital market to foreigners, and the conditions inducing an emerging market economy to switch its policies. We consider an economy characterized initially by a one-sided openness to the capital...

Persistent link: https://www.econbiz.de/10012471387

Uncertainty and the Disappearance of International Credit

Aizenman, Joshua - 1999

We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight...

Persistent link: https://www.econbiz.de/10012471396

Reserve Uncertainty and the Supply of International Credit

Aizenman, Joshua - 1999

This paper examines how increased uncertainty about an emerging market's international reserves affects the willingness of foreign investors to supply international credits. We illustrate the relevance of this concern for South Korea during the recent financial crisis. Using available...

Persistent link: https://www.econbiz.de/10012471586

Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?

Aizenman, Joshua - 1999

This paper characterizes the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side (i.e., the anticipation that the taxpayer will bailout lending banks if large default will occur) and sovereign risk on the borrower side. The impacts of such...

Persistent link: https://www.econbiz.de/10012471796

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